Excellent post summing up the future very well .pipoz4444 wrote: ↑June 7, 2020, 8:32 pmI second that mickojak, it is just the tip of the iceberg, especially for the Hotel and Restaurant businessesmickojak wrote: ↑June 7, 2020, 6:11 pmMy mate and wife are currently staying at the Centre Point Hotel Silom, Bangkok.
It's a very big place.
They are the only one's there.
When you consider that this is probably common for all hotels across Thailand, it's very scary.
Future will be disastrous for most, I think.
Sad, but unavoidable now
Whilst the smaller Restaurants may recover a little bit quicker, where they cater to Thai's at more affordable prices the larger Chain type Restaurants and semi Western style ones will be in the doldrums for quite some time.
I doubt that anyone, be it the Thai's or Tourists (those who still have jobs) will be rushing out in droves to spend their money very, very freely. From now on, people will be naturally more cautious, with how much they spend and what they spend it on, partly due to being scared that the Virus will come back and that they might lose their jobs, next time.
The Covid 19 has rocked peoples sense of Lifestyle Security, part of which was having a job that they could count on for an extended period of time. So naturally those fortunate enough to still have jobs and those fortunate to get one in the near future, will look to save some money every month for that rainy day. People will no longer go out and spend all their money each month, like many younger ones did before, knowing or feeling comfortable that they had a new paycheck coming at the start of the next month. Certainly, not until the very good times have returned, if they every do.
As for the Hoteliers, well they have another 6 to 12 month of struggling with business, given the slim tourist pickings that will be out there. Sad for many and a number of the smaller Family Hotels/Bed & Breakfast, just won’t survive the lack of revenue.
People will also take less holidays a year and possibly shorter ones at that, for the next 12 months. From a personal point (as an expat working overseas) I have decided to reduce my trips to Thailand in 2021 from 6 per year to 3 maybe 4 per year. And I know of six or more guys that I work with, who have decided to cut their planned travelling in half in year 2021. And that is just a small group that I know. I am sure there are many others contemplating the same thing, i.e. to cut back on expenditure in year 2021. It is just a sign, of the times to come.
I think the youth of today who basically have been driven by the consumer society they have grown up with , have had a short , sharp lesson regarding what they have been spending ,and in the most part wasting their money on for years knowing there was always another pay check coming , are now realising , nothing in life is guarenteed .
I think the longer this goes on the more of the younger generation will actually start to save some of their money , and think twice about what they squander on the latest phone or newest car ect .
As the worlds economy before the Chinese virus was solely based on consumerism , the long reaching effects will last for decades . Manufacturing hubs , and tourist generated economies will be hit the hardest i fear .